Gary A. Amelio is joining the Santa Barbara County (Calif.) Employees' Retirement System, which is 73% funded as of June 30. Like many plans, its funded status has declined over the past five years, from 87.1% in 2007. In 2012, the assumed rate of return will be lowered again to 7.5% from 7.75%. The target asset allocation is 37% domestic equity, 30% fixed income, 18% international equity, 5% private equity, 4% real return, 4% real estate and 2% cash. Mr. Amelio leaves the City & County of San Francisco Employees' Retirement System, which was 91.1% funded as of July 1, 2010, and more heavily invested in alternatives.